Retail inflation in India surged to 5.49% in September 2024, marking a sharp increase driven by weather conditions and a high base effect.
In comparison, retail inflation stood at 3.65% in August 2024 and 3.54% in July 2024.
The rural inflation rate stood higher at 5.87%, while urban inflation was at 5.05%, reflecting varied cost pressures across regions.
According to government data, food prices saw an even more significant spike, with the Consumer Food Price Index (CFPI) recording a year-on-year inflation rate of 9.24%. Rural areas saw food inflation of 9.08%, while urban areas registered an even sharper increase at 9.56%.
The surge in food inflation points to increased pressure on essential commodities, particularly affecting household expenses.
In addition to the rise in food prices, other key sectors also saw inflationary changes. Year-on-year housing inflation for September 2024 stood at 2.78%, slightly higher than the 2.66% recorded in August 2024. It is important to note that the housing index is calculated only for the urban sector.
The All India Electricity index for September 2024 was reported at 162.5, with corresponding inflation at 5.45%. This reflects an increase from the previous month’s index of 162.4 and inflation rate of 4.91% in August 2024, indicating growing electricity costs.
On the positive side, September saw a significant decline in inflation for specific subgroups such as pulses and products, spices, meat & fish, and sugar & confectionery, offering some respite from price pressures in these essential categories.
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Source: India Today
